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Investments Into Fintech Market Remains Strong

PR Newswire

NEW YORK, November 22, 2017 /PRNewswire/ --

According to data provided by KPMG, the global fintech funding continues to remain strong with US$8.2 billion invested in the third quarter of 2017. This is after more than doubling to US$9.3 billion in the second quarter. Even though deal volume declined slightly in the third quarter this year, investments in Fintech were still way above the US$6.3 billion raised in third quarter of 2016. The United States has led global fintech investment in Q3'17 with US$5 billion deployed across 142 deals. A major portion of the fintech market is mobile payment systems. According to the data provided by Statista Inc., worldwide mobile payment systems market is predicted to surpass $1 trillion in U.S. dollars by 2019, compared to $450 billion U.S. dollars from 2015. Shopping on mobile devices has become a common trend as the use of payment methods are processed through Near-Field Communication (NFC) technologies to scan digital wallets. Mogo Finance Technology Inc (OTC: MOGOF), PayPal Holding, Inc. (NASDAQ: PYPL), Square, Inc. (NYSE: SQ), Verifone Systems Inc. (NYSE: PAY), Visa Inc. (NYSE: V)

"The fintech market continues to rapidly evolve with an increasing diversity of funding participation and sources, geographic spread and areas of interest," says Ian Pollari, Global Co-Lead, KPMG Fintech. "We are seeing the emergence of fintech leaders who are looking to expand internationally to scale their platforms, as well as large technology giants moving into adjacencies to create new value for their customers. This is a trend that is expected to continue and could force incumbent financial institutions to take bolder steps in response."

Mogo Finance Technology Inc (OTCQX: MOGOF) also listed on the TSX Exchange under the ticker symbol "MOGO". On November 14th the company announced breaking news that, "fintech executive Darrell MacMullin has joined Mogo as an Advisor to support the Company's product expansion efforts, including the upcoming launch of Mogo's recently announced cryptocurrency account, and new strategic partnership opportunities.

MacMullin has driven successful new payment and commerce innovations for the past 15 years, including the launch and leadership of PayPal during its first eight years in Canada. He has worked closely both as an advisor to and investor with entrepreneurs, developers and industry partners to accelerate the growth of new fintech payments and commerce experiences. Prior to PayPal, MacMullin was part of the successful launch and rapid growth of eBay and Chapters Indigo online, helping both of these companies become leading ecommerce players. MacMullin currently serves as an Advisor to Goldmoney Inc. and was previously Chief Operating Officer and Senior Vice President at the company, where he was instrumental in helping commercialize and scale their new product initiatives."

"Darrell is a highly accomplished executive and a bright mind in our industry, having spent most of his career working with fast-growing fintech and e-commerce companies, including leading PayPal's entry and rapid expansion in Canada," said David Feller, Founder and CEO of Mogo. "Mogo's strategy has many similarities to PayPal's, and we believe Darrell's experience and perspective will be highly valuable as we pursue our growth strategy."

"The digital transformation of financial services in every segment is accelerating," said MacMullin. "The Mogo brand is uniquely positioned with millennials in Canada, and Mogo's modern, mobile first experience is set up well to be a leading engagement platform to deliver new financial services and tools to Canadians as the Company expands their product offering and grows their member base. I've been very impressed with the caliber, experience and scale potential of Mogo's fintech team of almost 250."

Greg Feller, President & CFO of Mogo, added: "We are excited to have Darrell join the Mogo team as an Advisor given his extensive fintech experience building platform companies. He will play an important role in working with our team as we consider opportunities to further expand our business through strategic partnerships and acquisitions."

PayPal Holding, Inc. (NASDAQ: PYPL) is a leading technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. Recently, the company and Synchrony Financial announced an agreement to significantly expand their strategic consumer credit relationship. Under the terms of the transaction, Synchrony Financial will acquire $6.8 billion in receivables, including PayPal's U.S. consumer credit receivables portfolio, which totaled approximately $5.8 billion in receivables as of October 31, 2017, and approximately $1 billion in participation interests in receivables held by certain investors and a chartered financial institution. In addition, at closing, PayPal and Synchrony Bank will extend the existing co-brand consumer credit card program agreement, and Synchrony Bank will also become the exclusive issuer of the PayPal Credit online consumer financing program, in the U.S. for 10 years.

Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. On October 30, 2017, the company unveiled its newest hardware offering, Square Register, a versatile, fully integrated point-of-sale, built in-house to work seamlessly with any business. Square Register gives sellers a powerful combination of dedicated hardware, embedded point-of-sale software, and Square's fast and secure payments technology, all built to work together perfectly. With its sleek design, featuring a built-in seller display and a detachable, customizable customer display, Square Register gives any business a modern look without compromising valuable countertop real estate.

Verifone Systems Inc. (NYSE: PAY) is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. On October 17, 2017, the company and Alipay, the world's leading third-party payment platform, announced today the extension of their existing global partnership to Verifone Taxi Solutions. Through the agreement, Chinese consumers traveling in New York and Las Vegas will be able to pay for taxis in the U.S. for the first time using their Alipay Mobile Wallet. By the end of October, 2,100 taxis in Las Vegas will accept Alipay upon checkout, and an additional 14,000 taxis in New York City are slated to accept Alipay in November this year.

Visa Inc. (NYSE: V) is the world's leader in digital payments. On November 13, 2017, the company launched Visa Global Transit Solutions, a new program designed to accelerate the use of debit, credit and pre-paid accounts at the fare gate or on a bus reader, speeding up and creating a more convenient experience for mass transit commuters worldwide. The new Visa transit program helps mass transit operators and technology providers of any size add contactless as a fare option at the gate. Visa's recent Cashless Cities report notes that digital payments have the potential to significantly decrease costs associated with transit and toll systems maintained by municipal governments. The study found that transit agencies spend an average of 14.5 cents of every physical dollar collected, compared to only 4.2 cents for every digital dollar.

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